Tesla is cutting 9% of its 46,000-strong workforce after a restructuring to streamline the company, CEO Elon Musk announced today (June 12). At the same time, the job cuts announced today will reduce Tesla's costs, allowing the company to reach profitability more easily. Year-to-date, Tesla's headcount is up roughly 15%.

Tesla started 2018 with about about 37,000 employees globally and has hired thousands of employees since then.

At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period.

Model 3 production has been viewed as a critical bellwether of Tesla's near-term profitability. So a nine-percent cut means letting more than 3,000 workers go.

In a company-wide email, chief executive Elon Musk described the decision as "restructuring" and said it would affect only salaried employees - not the factory workers building its next fleet of Model 3 electric cars. "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable".

Tesla shares, which are up almost 10 percent on the year, rose on news of the job cuts. Tesla still has a significant need for production workers as it tries to reach Model 3 manufacturing targets, he wrote in the email.

Electrek on Tuesday also reported the company's layoffs and said the cuts began on Monday.

Musk also announced that the company's solar panel unit has chose to end its agreement to sell via Home Depot stores so it can focus on sales in Tesla's company stores and online.

Tesla has promised to hit a 5,000-cars-per-week production target for the Model 3 by the end of this month. The company would seek to reemploy Tesla employees at Home Depot stores at its own locations.

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